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Morrisons turnaround gathers pace with profit rise [Reuters (UK)]

TESCO PLC SPON ADR (TSCDY)  More Company Research Source: Reuters
NASDAQ:AMEX Investor Relations: tescoplc.com/investors
PDF Morrisons turnaround gathers pace with profit rise | Reuters Reuters Staff 2 Min Read LONDON (Reuters) - Morrisons ( MRW.L ), Britain’s No. 4 supermarket, reported a 12.7 percent rise in first-half profit and a seventh straight quarter of underlying sales growth, cementing a turnaround under chief executive David Potts. The Bradford, northern England, based group, which trails market leader Tesco ( TSCO.L ), Sainsbury’s ( SBRY.L ) and Wal-Mart’s ( WMT.N ) Asda in annual sales, said on Thursday it made an underlying pretax profit of 177 million pounds in the half to July 30. That compared to analysts’ average forecast of 176 million pounds and 157 million pounds made in the same period last year. Like-for-like sales, excluding fuel and VAT sales tax, were up 2.6 percent over the second quarter, having increased 3.4 percent in the first quarter. Morrisons also increased its target for incremental profit from wholesale, services, interest and online in the medium term to 75-125 m [Read more]

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